‘Ghost names’ work of syndicate of public officials ; Says President of Institute of Chartered Accountants
The President of the Institute of Chartered Accountants Ghana (ICAG), Professor Kwame Boasiako Omane-Antwi, has observed that payroll fraud, also known as ‘ghost names’, is the work of a close-knit syndicate of public officials.
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He said those involved in what he described as a racket did so only after weighing the expected gains as against the expected cost if they were arrested.
“Therefore, it should not surprise anyone that those who engage in such activities do so not necessarily because they live so sunk in poverty but, more importantly, because they calculate and find out that in Ghana the likelihood of detection is extremely low,” he said.
Prof. Omane-Antwi made the observation at the opening ceremony of the 2015 induction course for 307 new members of the ICAG in Accra.
About the course
The two-day course is intended to initiate new members into the accountancy profession. They will be taken through relevant sections of the act that set up the ICAG, as well as the history of the institute.
The new members will also be exposed to the principles of good ethical behaviour, stress management and how to invest in professional excellence, as well as presentations on personal grooming, common courtesies and health.
Low prosecution
Prof. Omane-Antwi said those engaged in the ‘ghost names’ fraud had also found out that if they were detected and arrested, the likelihood of legal conviction was low and that even if they were convicted, the punishment would be a mere slap on the wrist and, therefore, there was an expected net positive pay-off.
He said to deter those involved in the payroll fraud and corruption, “our laws should be enforced and sanctions strengthened”.
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“Perhaps the new-found vigour in the ongoing police recruitment scam will ginger law enforcement agencies to tackle payroll fraud cases with the same vim shown by the Police Administration and certainly we will see a minimisation of the ‘ghost names’ fraud saga,” he added.
Prof. Omane-Antwi said the institute would not shield any member caught in any act of wrongdoing, adding that to be part of the noble institute, “you have to exhibit high standards. Shy away from the canker of corruption and ensure that your work will not be faulted in any way”.
He urged the public to report ICAG members who fell foul of their professional duties to the institute for appropriate investigations and sanctions.
Show integrity and honesty
In his address, the Director-General of the Ghana Broadcasting Corporation, Major Albert Don-Chebe (retd), urged the new members of the institute to uphold the integrity and ethics of the profession in all their endeavours.
He said as professionals, being honest and having strong moral principles were fundamental for the sustenance of loyalty by both clients and employees.
In his remarks, the Minister of Finance and Economic Planning, Mr Seth Terkper, advised the members to be the face and the spirit of the institute in all their actions and inaction by being good role models for the future generation of accountants.